Ghana’s total debt stock has shot up to GH¢450 billion in 2022 from a total of GH¢120 billion in 2017, Finance Minister Ken Ofori-Atta has revealed.
The current debt stock means Ghana has borrowed over GH¢300 billion since the Akufo-Addo-Bawumia-led government assumed power in January 2017.
Appearing before the ad-hoc committee probing the grounds of censure filed by the Minority in Parliament, Mr Ofori-Atta said despite the astronomical increase in Ghana’s debt stock, the focus should be on what the loans have been used for and its benefits to the nation.
Mr Ofori-Atta stated that the GH¢330 billion loan has been invested in One-District-One Factory, education, interchanges, Planting for Food and Jobs and other sectors that he claims have benefitted the state.
The Finance Minister also dismissed suggestions that he has mismanaged the country’s finances.
“Fiscal recklessness leading to the crash of the Ghana cedi which is currently the worst performing currency in the world” was one of seven grounds put forward by the Minority to demand the removal of Mr. Ofori-Atta.
He added that on the contrary, the government’s “strenuous efforts to protect the public purse is what has helped”.
He argued that he has as required of him always presented government revenue and expenditure propositions to Parliament, who have in turn raised no concerns.
Finance Minister Ken Ofori-Atta has urged the nation to work together as a unit in finding solutions the raging economic challenges instead of fault-finding and blame-gaming.
“Let us all work as one country to support our labour negotiations, find a solution to the impasse in parliament and rise above witch-hunting and entrapment,” Mr Ofori-Atta said on Friday, 18 November 2022 when he testified before parliament’s ad hoc committee that is investigating seven allegations against him in connection with a censure motion filed against him by the minority caucus.
At the hearing, Mr Ofori-Atta also said he did not breach the law when he drew funds from the contingency vault to sponsor the construction of the national cathedral.
“National cathedral is 100 per cent owned by the state and is not the president’s cathedral as described by the proponents”, he said.
“Expenditures in respect of the national cathedral were made from the contingency vault under the other government obligations vault as has been the practice before my tenure”, Mr Ofori-Atta explained.
“I have several copies of payments from the contingency vault dating back to 2015 to share”, he added.
“Honourable co-chairs, as finance minister, I am fully aware of the approval procedures for use of the contingency funds and I have not breached its requirements,” he added on Friday, 18 November 2022.
Ghana will continue to see and receive the best from him, Finance Minister Ken Ofori-Atta has said.
On Friday, Mr Ofori-Atta told the ad hoc committee probing the censure motion against him that upon assuming office in 2017, he pledged to give his utmost best in ensuring Ghana sees the development she deserves.
The Minister noted that he found inspiration in the hymn titled “Land of our birth.”
“As a child, I was taught a hymn that has guided me through out my life. Inspired by these words of the hymn, when I assumed the position of Minister of Finance, I resolved to serve the people of Ghana with my all,” he said.
He read the first verse out to the hearing of the committee and all present.
“Land of our birth, we pledge to thee. Our love and toil in the years to be; When we are grown and take our place. As men and women with our race.”
According to him, that passion and commitment to see the country grow has not diminished despite the challenges Ghana is facing.
Mr Ofori-Atta noted that despite the challenges, he has overseen some great strides in the development of Ghana and the improvements in the lives of the Ghanaian people.
On the way forwards, he charged all Ghanaians to support the government in addressing the challenges which include high inflation, hike in prices of fuel and foodstuff.
“Our circumstances require a united and concerted response to the crisis,” he said.
Finance Minister Ken Ofori-Atta has clarified that he has at all times provided Parliament accurate information pertaining to the state of the economy.
The Ministry in Parliament who argue otherwise have accused Mr Ofori-Atta of misreporting economic data to the House.
Appearing before the eight-member committee tasked to probe into the censure motion against him, the Finance Minister described such comments as “unfortunate” and “false”.
“The Ministry of Finance has never misreported data to Parliament,” he said.
The Minority say that information on Ghana’s deficit are contradictory, but the sector minister says this is not so.
Mr Ofori-Atta also revealed that the government has provided accurate data to the International Monetary Fund (IMF) so far in their engagements.
Finance Minister Ken Ofori-Atta has rendered an apology to the good people of Ghana over the current economic hardship they are facing.
Appearing before the ad hoc committee instituted by Speaker Alban Bagbin, the Finance Minister on Friday noted that it has been the vision of the Akufo-Addo-led government to develop the country.
“Since the Akufo-Addo government came into office, it was the dream of making the lives of the people better. In the first four years, our efforts were leading to the realization of the vision,” he said.
However, he noted that the success chalked by the government has been erased by the COVID-19 pandemic and other external factors.
Nonetheless, he took responsibility for the current economic situation and said “I am sorry.”
According to Mr Ofori-Atta, “as a person President Akufo-Addo has put in charge of this economy, I feel the pain personally, professionally and in my soul.”
Despite the challenges being faced, the sector minister noted that “government remains focused on its vision.”
The Minority in Parliamentargue that Mr Ofori-Atta has among other things; made unconstitutional withdrawals from the Consolidated Fund, illegal payment of oil revenues into offshore accounts, misreported economic data to Parliament, mismanaged the economy, leading to the depreciation of the Ghana cedi.
Finance Minister, Ken Ofori-Atta, appeared before the eight-member committee interrogating the Minority’s censure motion against him today.
He revealed to the Committee co-chaired by MP for Bolga East, Dominic Ayine and Adansi-Asokwa legislator, Kobina Tahir Hammond why Ghana’s economic woes cannot be pinned on him.
The Minority in Parliamentargue that Mr Ofori-Atta has among other things; made unconstitutional withdrawals from the Consolidated Fund, illegal payment of oil revenues into offshore accounts, misreported economic data to Parliament, mismanaged the economy, leading to the depreciation of the Ghana cedi.
The ad hoc Committee established by Speaker Alban Bagbin commenced hearing on Tuesday.
On the said day, Minority leader Haruna Iddrisu and Ranking Member on the Finance Committee in Parliament, Dr Cassiel Ato Forson, together with Lawyer for the Finance Minister, Gabby Otchere Darko appeared before the Committee.
On Thursday, hearing resumed. Two institutions; Public Interest Accountability Committee (PIAC) and the Ghana National Petroleum Corporation(GNPC) took turns to make their submissions before the Committee.
During the meeting, the PIAC corroborated allegations by the Minority that government illegally paid $100 million in oil revenues into an offshore account.
Abdul Malik Kweku Baako, Editor-in-Chief of the New Crusading Guide newspaper, has defended the modus operandi his protégé, Anas Aremeyaw Anas, employs in his undercover investigations.
According to him, Anas will continue to use the undercover methodology to unearth any and all negatives within society whether it pleases his critics or not.
Addressing the Anas Aremeyaw Anas and Tiger Eye P.I. modus operandi in a Facebook comment, Kweku Baako agreed, however, that it is ok for those who do not agree with Anas and his methodologies to ask questions.
“People are entitled to ask questions of Tiger Eye and its “methodologies”. That’s fair game. No problem. Tiger Eye will continue to unearth any and all “negatives” applying its “methodologies” whether its critics like it or not!” he wrote.
Anas Aremeyaw Anas’ latest ‘Galamsey Economy’ exposed Charles Adu Boahen, the dismissed Minister of State at the Finance Ministry over an alleged corruption.
Anas in a post on his Facebook timeline hours before the showing of the ‘Galamsey Economy’ film noted that the minister made some shocking revelations to his team in a hotel in UAE, when they posed as possible investors to Ghana.
Adu Boahen among other things alleged that Bawumia will require about USD200,000 as an appearance fee from an investor to get his backing and influence in establishing a business in Ghana.
President Akufo-Addo, however, referred his former appointee to the OSP in the November 14 letter that announced his dismissal.
The dismissal was on the back of allegations of corruption-related issues in Anas’ documentary.
The OSP, subsequently, issued a statement on November 15 confirming that it had started work on the referral from the presidency.
Kweku Baako added, “for now, Tiger Eye has indicated its readiness to assist the investigation announced by the Special Prosecutor; upon the presidential referral of the conduct of Mr. Adu Boahen to the OSP! DUE PROCESS is underway. That’s where Tiger Eye’s FOCUS is!
“Those who want to continue asking questions and criticising “methodologies” and perceived/alleged omissions of Tiger Eye, are entitled to continue! FREE SPEECH!!”
He also denied any meeting between the Tiger Eye P.I. team and Ken Ofori-Atta, Finance Minister, in Dubai as it has been reported widely within some sections of the media.
“The last time I checked, Tiger Eye has no video depicting any interaction with Ken Ofori-Atta! None! Assuming without admitting that there were attempts to “entrap” Ken Ofori-Atta, and the attempts proved unsuccessful? What would that mean? That Adu Boahen failed the “test of integrity” while Ofori-Atta succeeded? Or?
“By the way, documentaries are not exhibits in criminal investigations and/or prosecutions. The RAW FOOTAGES are. And the latter have always been submitted to the relevant statutory authorities for the purposes of criminal investigations and prosecutions that were triggered by undercover ops by/of Tiger Eye!” Abdul Malik Kweku Baako stated.
A leading figure of the Coalition for Democratic Accountability and Inclusive Governance, Dr. Kojo Asante, has described the censure hearings against Finance Minister Ken Ofori-Atta as frustrating so far.
“It has just become like a courtroom. It was meant to be a debate; an establishment of facts in parliamentary style, but it has just become like a courtroom,” Dr. Asante complained.
The committee had a contentious start during its proceedings on Tuesday as its members debated the manner in which the Minority members could present their evidence against the Finance Minister.
Some of the committee members felt the hearing should be treated as a quasi-judicial proceeding.
Dr. Asante felt these discussions were unnecessary considering the concerns around the economy and the Finance Minister.
“I don’t know whether it is because there are too many lawyers leading these processes. It becomes a thing about needing evidence and so on… That is not helpful. Part of that, I find very frustrating.”
“This could have been dealt with a long time ago if the President had listened to all of us. Unfortunately, we are now in the space and this tug of war and still, our crisis hasn’t gone anywhere,” he added.
The Public Interest Accountability Committee (PIAC) and the Ghana National Petroleum Corporation (GNPC) are expected before the committee later on Thursday.
The Finance Minister will appear on Friday after he requested time to prepare based on the evidence tendered to the committee by the Minority.
Dr. Nyaho-Tamakloe, a founding member of the New Patriotic Party, has wondered why President Nana Addo Dankwa Akufo-Addo is hesitant to dismiss Finance Minister, Ken Ofori-Atta, despite calls from NPP lawmakers.
According to him, this can be interpreted to mean that, the finance minister is sitting on some rot the president trusts that he is the only one who can fully protect.
He noted that a new minister might expose what the president and the finance minister are hiding from Ghanaians.
Speaking on Accra-based Joy FM, the former soldier added his voice to the numerous calls for the dismissal of the minister.
He said, after the minister had bragged that Ghana is a sovereign nation and it is capable of managing its own affairs and does not need any external help, he would have resigned the very day Ghana decided to seek support from the International Monetary Fund (IMF).
“So you ask yourself, why is he still there? When a person is in position and the populace says ‘we’ve had enough of you, go away’ and still he wants to be there, the simple thing that should come to the mind of any ordinary Ghanaian is that he is sitting on the rot. When he’s not there, we’ll see how massive that rot is,” Dr Nyaho-Tamakloe explained.
When asked who Ofori-Atta is covering up for, Dr Nyaho-Tamakloe said, “Who is the appointing authority of this country? And has the President approved of his removal?
“The President should have asked him to go away. Here we have a situation where even an ordinary person in the streets says, ‘Ofori Atta must leave’.”
Former Member of Parliament for Tamale Central, Inusah Fuseini, has signaled that the constitution of the ad hoc committee set up by the Speaker, Alban Bagbin, could pose an obstacle at the end of the proceedings.
The committee which was set up by the Speaker to investigate allegations of corruption and incompetence leveled against the Finance Minister, Ken Ofori-Atta by the Minority side of Parliament in their motion of censure is evenly constituted with members from both divides of the House.
The 8-member ad hoc committee is chaired by the Adansi Asokwa MP, K.T. Hammond and Bolgatanga East MP, Dominic Ayine.
Other members of the committee from the Minority side are; North Tongu MP, Samuel Okudzeto Ablakwa, Klottey-Korle MP, Dr. Zanetor Agyeman-Rawlings and Akatsi South MP, Bernard Ahiafor.
The rest from the Majority side include; Okaikoi Central MP, Yaw Boahmah, Ashanti Akyem Central MP, Emmanuel Anyimadu-Antwi and Sekondi MP, Andrew Egyapa Mercer.
According to Inusah Fuseini, while the membership of the committee may be trying to communicate a sense of neutrality, recent developments in the house may suggest otherwise.
“After the time that the Speaker established this committee, you could see the partisanship. And you could see the various actors in Parliament lining up behind their various leaders. So I’m not surprised at all that even though there had been attempt to appear to be neutral and interested in [presenting] the facts for people to understand what is at stake, those who are disputing the facts have laced their objections with political undertones.
“And there has been an attempt by the Minority to prove beyond doubt that Ken must go, and equally the Majority who are unrelenting in their defence of the Finance Minister. So then you have for the first time in our parliamentary democracy, apart from the censure motion, this is the only time a committee of Parliament has been formed which has no Majority, which has no Minority,” he said.
He noted that this membership structure will prove to be a problem at the end of the seven days when members are expected to come up with a resolution to be presented before the House.
According to him, with the even distribution of the committee and the unyielding stance of both sides, it is unlikely that a consensus will be easily reached, that is, even if it is reached at all.
“Committees of Parliament take decisions based on unanimity or consensus. So if it is going to be consensus, the issue would have to be put to a vote and I don’t know whether Speaker in establishing the eight member committee with co-chairmen had also thought of the custom vote. Because if the vote is taken and there is a tie, what happens?
“The constitution says that when there is a tie in parliament on an issue, the issue fails, it falls. What will happen at the committee level? So there are many around that. We’re waiting cautiously to see what happens after Friday because the issues cannot be resolved at the committee level. And like I told you when the committee was established, this issue will finally be resolved on the floor of the House,” he said.
Gabby Otchere-Darko, a leading member of the New Patriotic Party, has disputed claims by the Majority Leader, Osei Kyei-Mensah-Bonsu, that he said the Majority Leader was behind moves to get the Finance Minister removed.
Responding to reports that the Majority Leader also accused him of trying to undermine his attempt to be the Suame MP, Mr. Otchere-Darko said on Facebook: “I have since sent him a message on this denying same.”
Reports indicated that Mr. Kyei-Mensah-Bonsu said Mr. Otchere-Darko had called him the ringleader behind the NPP MPs calling for the resignation of the Finance Minister.
Mr. Otchere-Darko is alleged to have sponsored a failed candidate against the Majority Leader in the NPP parliamentary primaries in Suame leading to the 2016 general elections.
These claims by Mr. Otchere-Darko are said to have come during a broadcast on Asaase Radio.
But he refuted these claims in his Facebook post.
“I have said no such thing on Asaase Radio or any other radio station or media house, whether on air, online, or in print, either directly or indirectly. Indeed, my position, so far, on this issue in Parliament within the Majority Caucus, has been to deliberately stay away from commenting on it publicly.”
“I have never sponsored any candidate against the Majority Leader for the Suame seat. I would never do such a thing to a person I considered a strong loyalist, even within the NPP,” he posted.
The Finance Minister Ken Ofori-Atta and his Deputy John Kumah must also leave office immediately, a member of the Peoples National Convention (PNC) Bernard Mornah has said.
In his view, Mr Ofori-Atta is not the answer to the economic challenges facing Ghanaians.
“Investors don’t have confidence in the economy because of Ofori-Atta,” he said on the Big Issue on TV3 with Berla Mundi on Tuesday November 15.
He added ” John Kumah said they will not go to the IMF but today we are at the IMF.”
He was contributing to a discussion on the sacking of the Minister of State at the Finance Ministry Charles Adu Boahen.
President Akufo-Addo has sacked Mr Adu Boahen.
“The President of the Republic, Nana Addo Dankwa Akufo-Addo, has terminated the appointment of the Minister of State at the Ministry of Finance, Mr. Charles Adu Boahen, with immediate effect.
“After being made aware of the allegations levelled against the Minister in the exposé, ‘Galamsey Economy’, the President spoke to Mr. Adu Boahen, after which he took the decision to terminate his appointment, and also to refer the matter to the Special Prosecutor for further investigations.
“The President thanked Mr. Adu Boahen for his strong services to his government since his appointment in 2017, and wished him well in his future endeavours,” a statement issued by the Director of Communications at the Presidency, Mr Eugene Arhin said on Monday November 14.
Steve Hanke, a professor of Applied Economics at the Johns Hopkins University and founder and co-director of the Institute for Applied Economics, is asking how the government of Ghana will be saving the country’s economy from collapsing.
According to him, it will not be prudent for Ken Ofori-Atta, the finance minister, to be fabricating the country’s numbers just to look good in the eyes of the international community and investors.
He tweeted that on his economic dashboard, Ghana’s inflation is now being measured at 158 per cent.
“Today, I measure #Ghana’s inflation at a stunning 158%/yr. What’s Finance Minister Ofori-Atta’s plan to save the economy? Will Ofori-Atta just fabricate the numbers? Apparently, he’s done that before,” Prof Hanke said.
The economist was commenting on claims by the minority that Ken Ofori-Atta since he was appointed the finance minister has been presenting inaccurate figures to Parliament.
Mohammed-Mubarak Muntaka, Asawase MP, while debating on the need for Parliament to pass a vote of censure on the finance minister indicated that “In 2018 he reported to this house that the fiscal deficit was 3.9% of GDP when he had to report to the World Bank the actual was 7.1% of GDP.
“In 2019, he reported that the fiscal deficit was 4.8% when the actual to be reported to the International Monetary Fund the actual was 7.1% to GDP.
“In 2022, he reported that the fiscal deficit was 11.7% of GDP when the actual was 17.2 %. In 2021 he reported 9.2% when the actual was 12.4%.”
The Minority Chief Whip was of the view that the finance minister has shown beyond doubt that he is not able to the finances of the country, thus must be removed.
“What are we waiting for, from this Minister before we will now believe the time has come for him to exit? I am reliably informed that he is part of the impediment that is not making us conclude the negotiations with the IMF,” Mohammed-Mubarak Muntaka stressed.
Today, I measure #Ghana‘s inflation at a stunning 158%/yr. What’s Finance Minister Ofori-Atta’s plan to save the economy? Will Ofori-Atta just fabricate the numbers? Apparently, he’s done that before. https://t.co/0aoSccTto7
Only 522 of the candidates who took part in the 2022 entrance examination to enter the Ghana School of Law have reportedly passed.
According to a report by TV3, the number of students who passed represents less than 20 percent of the 2,654 people who took part in the examination.
Also, the report indicated that the 522 students who have gained admission to the law school fall short of the 800 the Finance Minister, Ken Ofori-Atta, indicated have been budgeted for in the 2022 budget.
It will be recalled that in July 2022, the Independent Examinations Body, the body responsible for examinations at the Ghana School of Law, cancelled a Civil Procedure paper scheduled to be written on July 15, 2022.
According to an earlier report on GhanaWeb, the Independent Examinations Body canceled the paper over suspicions that the questions had leaked hours before they were to be administered.
A copy of the paper was said to have widely circulated across various social media platforms before the time it was scheduled to be written.
The 2022 law school entrance examination was cancelled for the second time after it was rescheduled to take place on Friday, September 23, 2022, after the exam papers allegedly leaked online.
According to a report on citinewsroom.com, the questions for the examination, which was scheduled for 10 a.m. on Friday, found their way onto social media.
The Majority Caucus has revealed that they would not support the Minority’s move to censure the Finance Minister, Ken Ofori-Atta, although they want him removed from office.
Addressing the press today, the Majority, which called for the head of the Finance Minister about two weeks ago, explained that their justification for the Minister’s removal does not tally with that of the Minority’s.
“Over a few days, we have had the Finance Minister speaking, and his speaking has informed the Majority not only to state that we are back to the original position that we took and that original position is to say that the Minister of Finance will not be the one to read the budget and its appropriation.
However, we are not going to support the cause of the NDC in the chamber this morning. The cause of the NDC is premised on falsehood, propaganda and reasons that are not justifiable. They position might look like ours but it is not the same,” the Majority said.
The Majority explained that unlike the Minority, they believe although Mr Ofori-Atta has proven himself to be competent, the current state of the economy which has been exacerbated by the COVID-19 pandemic and Russia-Ukraine war, has made Ghanaians lose confidence in him.
According to the Majority, this is not the assertion being run by the Minority, hence their decision not to support them in the House today.
“You will not be able to come to the Chamber to level 10 issues that border on criminality over a person who is not there to defend himself. Our feeling is the confidence in the minister has gone down but for COVID and the Russian-Ukraine war, he was doing well,” the Majority explained.
The Majority’s proclamation comes after the New Patriotic Party (NPP) ordered its Members of Parliament (MPs) to abstain from the vote of censure against the embattled Finance Minister.
Parliament will today determine whether the Minority Caucus’ censure motion against Mr Ofori-Atta will be moved.
The motion which was filed on October 25, per the constitution is to be debated upon and voted on the same after 14 days of its receipt by the Speaker of Parliament.
Meanwhile, the Minority Chief Whip, Muntaka Mubarak, has warned that members of the Majority Caucus who had rebelled against the Finance Minister may face dire consequences should the vote of censure fail.
According to him, in the event the vote of censure fails, the 80 Majority Caucus members would be at the mercy of their party officials and this will not bode well for them.
Already, all NDC MPs have been instructed not to miss today’s sitting in order to get the required number to carry out their objective.
The Deputy Minority Whip, Ahmed Ibrahim has warned that there will be consequences should any member fail to show up.
Ghana’s Finance Minister Ken Ofori-Atta will face a vote of censure on Thursday for his handling of the economy as annual inflation rate hit 40.4% for October.
The cost of essential commodities like staple food, fuel and utilities have all surged to push price increases to a record high.
NEW PATRIOTIC PARTY ASKS MEMBERS OF THE MAJORITY CAUCUS TO ABSTAIN FROM VOTE OF CENSURE AGAINST THE MINISTER FOR FINANCE. pic.twitter.com/eFaFxIVjMX
Ghana’s opposition MPs filed the censure motion against the minister for mismanagement of the economy among other reasons.
But the ruling New Patriotic Party has ordered its MPs to abstain from the vote and asked its chief whips to ensure the order is complied with.
In a statement, the party said the censure vote was “ill-intended and aimed at derailing government’s efforts at resolving current socio-economic upheavals”.
Pressure group, OccupyGhana (OG), has petitioned the Office of the Special Prosecutor (OSP) to probe allegations of a wealthy businessman who attempted to bribe some 80 lawmakers of the governing New Patriotic Party (NPP) who were calling for the resignation of Finance Minister, Ken Ofori-Atta.
The allegation was first made by Majority Leader Osei Kyei-Mensah-Bonsu.
According to OccupyGhana attempting to bribe MPs is an attempt to influence the conduct of the lawmakers in the course of their official duties which is a potential corruption offence that falls within remit of the Office of Special Prosecutor.
The group wants a probe into the claim and if the allegations are established to be true, proceed to prosecute.
Some 80 NPP MPs at a press conference called on President Nana Addo Dankwa Akufo-Addo to fire Finance Minister, Ken Ofori-Atta.
However, after a meeting with the President, they backtracked and gave the Minister time to prepare the 2023 budget and also finish his engagement with the International Monetary Fund.
Flagbearer hopeful of the opposition National Democratic Congress(NDC) and former Finance Minister, Dr. Kwabena Duffuor says he was serious with paying arrears to contractors and other persons who had worked for the government while he was in office.
According to him, the regular payment of arrears went a long way in boosting the growth of the economy.
“We never joked with expenditure. I was not making payments when there was not enough money. But as soon as money hits government account, I paid off people who government owed. We managed government bill very well. I never joked with arrears. I never denied contractors their money. I ensured I paid regularly in bit until all the debt is cleared,” Dr Kwabena Duffuor said on Ghana Kasa show on Kasapa 102.5FM/Agoo TV on Monday.
He added: “When we paid contractors, their work also progressed and we also took the taxes. You pay arrears with your right hand and you take taxes with your left hand. That is how it is done. If a contractor has executed a project worth GHC10m and you say you’ll not pay him, how does he take care of the workers. The money is not for him, it is for the workers. When he pays them, then you also take the tax from them. That helps the economy to grow very fast and a lot of taxes are paid. If government does not pay contractors their businesses collapse and there’ll not be enough taxes to build the country.
Media personality and fashion designer, Kofi Okyere Darko has indicated that he will park his car and buy himself a motorbike.
He said this on Vogue with GhanaWeb’s Doreen Abanema Abayaa when he was asked how severely he is being impacted by the ongoing financial hardship in the country.
According to KOD, the rich and poor are experiencing the intensity of the economic crisis.
“No matter how rich you are in Ghana, I think you would definitely feel what’s happening in Ghana economically.
“We are in a terrible place. Let me tell you, tomorrow, I am going to Alajo. I am going to get a motorbike,” he said.
“I own a bicycle but I want something that moves a bit faster so I am getting a motorbike,” he added.
Lately, Ghanaians have overlooked their political ties to lash at the government and the president, Nana Addo Dankwa Akufo-Addo, following the economic crisis.
There have been calls for his resignation while some have also called for the dismissal of the Finance Minister, Ken Ofori-Atta.
Private legal practitioner Samson Lardy Anyenini has challenged New Patriotic Party(NPP) Members of Parliament (MPs) to name a businessman who allegedly tried inducing them with money.
According to him, the disclosure is the surest way to prove that the Members of Parliament indeed returned the money to the unnamed businessman and repelled him as they claim.
Member of Parliament(MP) for Asante-Akim North, Andy Appiah-Kubi first disclosed on Accra based Joy Fm that the said businessman came to Parliament to meet with NPP MPs who had publicly called on President Nana Addo Dankwah Akufo to sack the finance minister Ken Ofori Atta.
The NPP MP added that the wealthy businessman sought to ‘mediate’ in the impasse between the MPs and the Finance Minister and attempted to give them money which they rejected.
But speaking on Newsfile on Joy News, on Saturday, November 5, 2022; the lawyer wondered why the lawmakers allowed such a businessman to walk away after committing a crime of attempted bribery.
He argued that the narration of the MPs raises doubts over whether they actually returned the money to the said businessman.
“So, there was an offer and there was received. This is a transaction that resulted in a crime. At what point did any of these MP’s realise that they needed to return these envelopes as they have been telling us?
“How should we come to a point of believing them that they in fact returned these envelopes? Did they? How many took it and how many returned it? What the MP’s have dealt with so far, leaves me in a position to believe that they are not being frank,” he said.
Anyenini further stated that the unwillingness by the lawmakers to blow the cover of the businessman attempting to corrupt them further cast doubts on their narration.
“Let us all dare them to name this businessman. If they do not, let us not believe them that they took the money and returned it. Indeed we are right that they [NPP MP’s] took the bribe and engaged in a corrupt conduct,” he added.
The Minority in Parliament has served notice that it will move its vote of censure motion against the Finance Minister, Ken Ofori-Atta, on Thursday, November 10, 2022.
The Minority filed the vote on censure against the Minister on grounds of conflict of interest and financial recklessness leading to the current economic crisis.
“The motion of censure is slated to be moved on Thursday, the 10th of November 2022, and the Minority Chip Whip, Mubarak Muntaka has sounded a note of caution to all Minority MPs that all 136 minority MPs must be in the chamber on Thursday, so any member who absents himself does so at his own risk.”
Mr. Ahmed Ibrahim added that the Finance Ministerhas been duly served and will be in the Chamber to defend himself.
The grounds the Minority cites for the vote of censure are:
Despicable conflict of interest ensuring that he directly benefits from Ghana’s economic woes as his companies receive commissions and other unethical contractual advantages, particularly from Ghana’s debt overhang.
Unconstitutional withdrawals from the Consolidated Fund in blatant contravention of Article 178 of the 1992 Constitution, supposedly for the construction of the President’s Cathedral:
Illegal payment of oil revenues into offshore accounts, in flagrant violation of Article 176 of the 1992 Constitution:
Deliberate and dishonest misreporting of economic data to Parliament 5. Fiscal recklessness leading to the crash of the Ghana Cedi which is currently the worst-performing currency in the world:
Alarming incompetence and frightening ineptitude, resulting in the collapse of the Ghanaian economy and an excruciating cost of living crisis;
Gross mismanagement of the Ghanaian economy which as occasioned untold and unprecedented hardship
I can turn economy around
Meanwhile, the Finance Minister, Ken Ofori-Atta, is fighting to save his job and has called on Ghanaians to trust in his competence and ability to rescue Ghana’s ailing economy.
Speaking at a meeting with the Association of Ghana Industries, Mr. Ofori-Atta said Ghana remains the best destination to do business.
“Let me assure you that you have a Finance Ministerwho has gone through all the pains and the aches, and nobody can really say we don’t understand what we are doing. The question is what resources do we have and how are we going to deploy them in the nation that we have and how do we stand firm in very difficult circumstances but being very confident?”
“Let me assure you all that your best bet is still Ghana; we can do it, and we should do it,” the embattled Finance Minister said.
It has emerged that mandatory payments such as the MPs Common Fund (Q1 and Q2), MPs Monitoring and Evaluation (Q2), Q1 and Q2 of District Common Fund and the Disability Relief Fund to Districts have all been settled.
The delays, since January 2022, have always been attributed to Ghana’s cash-strapped situation.
This was revealed by host of Good Morning Ghana on Metro TV, Randy Abbey on Wednesday, November 2, 2022.
An MP, opposition NDC-MP for Afigya Kwabre North Constituency in the Ashanti Region, Charles Adomako-Mensah, who was a panellist on the morning show, confirmed the payments.
“That is true, it is true. The payments were supposed to come and there were delays, and it has been paid. It is true,” he said amid laughter.
Another panellist on the morning programme, the renowned journalist Kwesi Pratt Jnr, could not hide his surprise.
But the MP tried to calm him:
“Uncle Kwasi, these are statutory payments, there were delays fortunately they have been paid, thank God, they have been paid…they’ve been paid because they have to be paid.
“I am not too sure if it was because of the [‘Ken Must Go’] demands…the fact that it was after but I am not too sure if it was because of the demands,” the NDC MP said.
“Oh Randy, delays in Common Fund payments are not something new,” Adomako-Mensah added.
MPs are progressing towards taking a vote of censure against the minister for poorly managing the economy and plunging it into hardship. If two-thirds of all MPs approve the vote of censure, his appointment will be revoked.
Days after a group of New Patriotic Party, NPP, Members of Parliament openly demanded the removal of Finance Minister Ken Ofori-Attaand Minister of State at the Ministry, Charles Adu Boahen from office, it has emerged that four major statutory payments have been released.
The payments were confirmed by Charles Adomako-Mensah, NDC-MP for Afigya Kwabre North Constituency in the Ashanti Region.
He was answering a question by the host of Good Morning Ghana on Metro TV, Randy Abbey on developments after their October 25 demand via a press conference at the precincts of Parliament.
The four payments made so far are in respect of Common Fund (Quarters 1 and Two), MPs Moni Monitoring and Evaluation (Second quarter), Q1 and Q2 of District Common Fund as well as the Disability Relief Fund to districts.
After confirming the payments individually, the MP added: “That is true, it is true. The payments were supposed to come and there were delays, and it has been paid. It is true.”
Reacting to a shocked co-panellist in the person of Kwesi Pratt, the MP added: “Uncle Kwasi, these are statutory payments, there were delays fortunately they have been paid, thank God, they have been paid…they’ve been paid because they have to be paid.
“I am not too sure if it was because of the demands …the fact that it was after but I am not too sure if it was because of the demands,” he stressed.
“Oh Randy, delays in Common Fund payments are not something new,” Adomako-Mensah added.
The demand for Ofori-Atta’s removal sent shockwaves in the polity with President Nana Addo Dankwa Akufo-Addo hurriedly arranging a meeting with the disgruntled MPs.
Their demand was premised on the tanking Ghanaian economy headed by the embattled minister but a deal was reached.
Under the deal, Ofori-Atta is allowed to stay in office to conclude initial talks with the International Monetary Fund and also present the 2023 budget and oversee the passage of its appropriation before Akufo-Addo decides on his fate.
Editor-in-Chief of the Insight newspaper, Kwesi Pratt Jnr. has revived the calls for the dismissal of Finance Minister, Ken Ofori-Atta.
Over 90 members of the Majority Caucus in Parliament have reportedly signed a petition to President Nana Addo Dankwa Akufo-Addo to remove his Finance Minister and the Minister of State at the Finance Ministry, Charles Adu Boahen.
The Members of Parliament threatened to boycott the presentation of the 2023 Budget and all government business which willl be laid before the Legislative House if the President refuses to sack the two appointees.
Nonetheless, Mr. Ofori-Atta remains at post as the President, in an emergency meeting with aggrieved MPs, asked them to allow the Finance Minister to conclude the IMF deal.
Contributing to Peace FM’s morning show “Kokrokoo”, Kwesi Pratt called on the Finance Minister to do the needful.
“I wish Ken Ofori-Atta had resigned . . . I wish he wouldn’t wait for the President to tell him to leave before he does,” he emphasized.
Osei Kyei-Mensah-Bonsu, Suame MP and Majority Leader, has explained portions of a statement he signed, in which President Akufo-Addo pleaded with some Majority MPs to allow Ken Ofori-Atta conclude Ghana’s negotiations with the IMF and present the 2023 budget. The appeal came after the majority MPs organised a press conference to demand the finance minister’s removal from office.
According to the Minister of Parliamentary Affairs, the president when he met the Majority MPs did not categorically say he will dismiss Finance Minister, Ken Ofori-Atta, and Minister of State at the Finance Ministry, Charles Adu Boahen, after the IMF negotiations and 2023 Budget reading and appropriation.
He explained in a Joy News interview monitored by GhanaWeb that, “the President did not say that. To quote his words, he said ‘let’s finish with this, the IMF and the budget thereafter, we should hold on until after these’.”
Kyei-Mensah-Bonsu continued that the president’s statement could result in an ‘either or’ decision.
“It could be. I mean, either of them is subject to interpretations that ‘okay hold on after the events then we come back and discuss,’ or ‘hold on after the event I will act.’
“’I will act’ may not necessarily mean that ‘I will do that’. According to what the President told us, you hold on until…so it could be that ‘I’ll come back to consider it’ or ‘I’ll give in to your demands’.
“The plea was – hold on until after these events, the IMF discussions and the budget. In fact, I even added when there appeared to be some unclarity about what happens after the presentation of the budget, I said no if the budget is presented by a person, you’d require that same person to shepherd the appropriations.
“And that is how come for the avoidance of doubt I said let us include the appropriation so that there’s no doubt in anybody’s mind that after the budget has been read then agitations will start again,” Osei Kyei-Mensah-Bonsu noted.
About 95 NPP MPs demanded the immediate dismissal of the Finance Minister.
The MPs at a press conference stated that the continuous stay of Ken Ofori-Atta in office was delaying the IMF bailout the country is seeking due to the fact that the Minister has lost all credibility.
They demanded the President to either remove him or face a boycott of his business in Parliament.
The President, however, appealed to them for more time for the embattled Finance Minister Ken Ofori-Atta to conclude negotiations with the International Monetary Fund (IMF) before any talks of resignation.
Amid the calls for his resignation, Finance Minister’s predicament has courted him sympathisers in certain quarters of the business community.
Majority Leader, Osei Kyei-Mensah-Bonsu has revealed that when some of the Majority MPs called for Mr. Ofor-Atta’s dismissal, one of Ghana’s wealthy businessmen approached them to plead on behalf of the Minister.
In an interview with JoyNews, the Majority leader explained that in the heat of the arguments in Parliament, the said businessman met some of the legislators and “tried to do something.”
He fell short of stating what exactly the move was nor the form it took.
“I’m told on authority that some businessman came here and tried to do something,” he told Evans Mensah.
The Suame MP insisted that it was meant to help persuade the members of the house against nudging the Minister out of office.
“I was told that he came here and tried to mediate in his own way what he thinks the problem is,” he said.
He further narrated that “he was repelled by the people and told he was told not to involve himself. So he went away.”
This revelation was made in a yet-to-be-aired interview on PM Express on JoyNews.
“If that is the case I want to talk to that man and know his motive. But people could also be indulging in speculation. So we want to hear him to see what it is… Did he come here?… did he come with any inducement? What was the motivation? Not having heard him, I don’t want to prejudge.”
According to Osei-Kyei-Mensah Bonsu, the man in question is a known figure in the business community who has his own way of dealing with both sides of the political divide.
The Finance Minister is the subject of criticism for what many say is a lost grip on the economy.
Ken Ofori-Atta is at the doors of the International Monetary Fund (IMF) seeking a bailout to prevent a further slump.
An Anti-Corruption Campaigner, Edem Senanu, has called for investigation into an assertion by Majority Leader, Osei Kyei-Mensah-Bonsu that a wealthy businessman attempted to ‘do something’ on behalf of Finance Minister, Ken Ofori-Atta when some Majority NPP MPs asked for the latter’s removal.
The Majority Leader said he was told on authority that when the Majority MPs called for Mr. Ofori-Atta’s dismissal, one of Ghana’s wealthy businessmen approached them to mediate in the impasse.
“I’m told on authority that some businessman came here and tried to do something,” he told Evans Mensah.
In a yet-to-be-aired interview on JoyNews’ PM Express, the Majority Leader explained that the aforementioned businessman was however stopped in his tracks and he left. Kyei-Mensah-Bonsu nonetheless promised to find out from the businessman whether he did anything of the sort.
Speaking in an interview on Joy FMs Top Story, on Tuesday, Mr. Senanu said the Special Prosecutor, Kissi Agyebeng should be contacted to see if the issue qualifies to be something he can take up.
This, he said, is because the wealthy businessman had a motive.
“It deserves much more investigation. What interest was he seeking to protect or promote?” Mr. Senanu quizzed.
When asked if he trusts the Majority Leader to do a good job at investigating the motive of the businessman, Mr. Senanu replied in the negative.
“No, certainly not the Majority Leader … Indeed there is a sense in which one is wondering whether this is not an attempt to throw a red herring because already we don’t understand why within 24 hours, the Majority Leader had taken a position and we don’t have a clear statement on what the President has said.”
Amid the calls for his resignation, Finance Minister’s predicament has courted him sympathisers in certain quarters of the business community.
Majority Leader, Osei Kyei-Mensah-Bonsu has revealed that when some of the Majority MPs called for Mr. Ofor-Atta’s dismissal, one of Ghana’s wealthy businessmen approached them to plead on behalf of the Minister.
In an interview with JoyNews, the Majority leader explained that in the heat of the arguments in Parliament, the said businessman met some of the legislators and “tried to do something.”
He fell short of stating what exactly the move was nor the form it took.
“I’m told on authority that some businessman came here and tried to do something,” he told Evans Mensah.
According to Majority Leader, Osei Kyei-Mensah-Bonsu, a businessman ‘tried to do something’ in his own way to mediate on the Finance Minister’s sack in Parliament last week.
The Suame MP insisted that it was meant to help persuade the members of the house against nudging the Minister out of office.
“I was told that he came here and tried to mediate in his own way what he thinks the problem is,” he said.
He further narrated that “he was repelled by the people and told he was told not to involve himself. So he went away.”
This revelation was made in a yet-to-be-aired interview on PM Express on JoyNews.
“If that is the case I want to talk to that man and know his motive. But people could also be indulging in speculation. So we want to hear him to see what it is… Did he come here?… did he come with any inducement? What was the motivation? Not having heard him, I don’t want to prejudge.”
According to Osei-Kyei-Mensah Bonsu, the man in question is a known figure in the business community who has his own way of dealing with both sides of the political divide.
The Finance Minister is the subject of criticism for what many say is a lost grip on the economy.
Ken Ofori-Atta is at the doors of the International Monetary Fund (IMF) seeking a bailout to prevent a further slump.
Executive Director of the Alliance for Social Equity and Public Accountability (ASEPA), Mensah Thompson, has accused Finance Minister Ken Ofori-Atta of being the main cause of Ghana’s economic challenges.
According to Mensah Thompson, Ofori-Atta’s decision to collapse some banks in the country is one of the main reasons the economy is currently crushing.
The ASEPA boss, who made these remarks in an XYZ TV interview monitored by GhanaWeb, said that the finance minister’s unquenchable thirst for loans is another reason Ghanaians are currently suffering.
“The government is sponsoring these narratives that our problems are because of speculation and profiteering by Ghanaians, but this is false. The problems we are facing today have nothing to do with Ghanaians.
“Only one person is responsible for all the problems we are facing today, and he is Ofori-Atta. He is the bigger problem. If the president wants to shift the blame, he should put it on Ofori-Atta. Because Ofori-Atta single-handedly has destroyed Ghana’s economy in a way that will take the country at least 20 years to recover.
“One of Ofori-Atta’s decisions that caused the current problems is the collapse of banks. The consequences of collapsing some banks in 2018 are what we are seeing today… The second thing is corruption. Take the Auditor-Generals report and see how much Ofori-Atta got through his bank helping the government to acquire loans,” he said in Twi.
He added that the third decision Ofori-Atta took, which led to the collapse of the Ghanaian economy, was financial misreporting.
“Ofori-Atta has been presenting different sets of data to Ghana’s Parliament and IMF (International Monetary Fund). In 2018, the IMF exposed him for misreporting our budget deficit,” he said.
President Akufo-Addo is formally addressing the Ghanaian citizenry on the true state of the economy, which is reported to be in tatters.
He is expected to further elaborate the current challenges, causative agents and what is being done to resolve the challenges.
Ghanaians have been hit with increased prices in fuel products and transport fares as the cedi finds its feet among world trading currencies.
Due to the many issues, some Ghanaians have called for the sacking of Finance Minister, Ken Ofori-Atta, who is mandated to oversee to the smooth running of the economy. President Akufo-Addo is however yet to give into the demands.
It is expected that he will provide further justification as to why Mr Ofori-Atta remains at post.
An economist at the University of Ghana, Prof. Godfred Alufar, has reiterated Vice President Dr. Mahamudu Bawumia‘s stance on the weak state of Ghana’s exchange rate.
According to him, the depreciation of the local currency is due to fundamental factors that must be tackled.
The Ghana cedi has come under intense pressure in recent times as it fell by more than 50% to the US dollar to sell at an all-time high of GH¢16.
In this week’s edition of BizTech, Prof. Bokpin highlighted the importance for the government to act swiftly to arrest the cedi.
He also explained that Ghana’s economic crisis cannot be solved by ‘magic’, therefore pragmatic steps must be taken to ensure that the crisis comes to an end.
On calls for the resignation of the Finance Minister, Prof Bokpin said, “that is not the only change we want. Beyond that, it will not amount to so much just changing the finance minister. We must go a step further and reduce the number of ministers and the government size overall, including the staff at the presidency.”
He also stated that the government must fast-track its negotiations with the International Monetary Fund in order to secure the expected financial support as soon as possible.
The Speaker of Parliament, Alban Bagbin, has underscored the need for members of the house to be educated on how motions are couched.
This comes after an objection raised by the Deputy Majority Leader, Alexander Afenyo Markin against a motion of vote of censure on the Finance Minister, Ken Ofori-Atta.
“We need to sit together, dialogue and exchange views on the constitution and standing orders for the practice and procedures of the house”, he said.
Alban Bagbin, further pushed the improvement of knowledge of members on the procedures of the house.
“Beyond that, we have the rulings of speakers and literature on the laws and customs of Parliament. The fact that the concept of democracy has remained the say of separation of powers and checks and balances, we need to have continuous education of these matters for us to play our role well.”
On Thursday, Alexander Afenyo-Markin raised an objection to a motion of a vote of censure filed against the Finance Minister, Ken Ofori-Atta.
The Minority in Parliament had filed the vote of censure against the Finance Minister citing seven reasons which include conflict of interest and fiscal recklessness leading to the sharp depreciation of the Ghana Cedi.
But speaking on the floor of Parliament, Mr. Afenyo-Markin argued that the reasons given by the Minority were unjustified, adding that the Minister of Finance has not been heard on the allegations.
“If you go through our order paper in this House, clearly committees bring reports, we submit applications and motions are advertised on their own. So a motion for a censure against the Finance Minister…Mr. Speaker, we should not forget that we are in a political space. The Minister has been condemned long before he is heard. The respondent in this application has been condemned with allegations, not facts. We all want a fair hearing.”
Member of Parliament (MP) for Oforikrom constituency, Ashanti Region, Dr Emmanuel Marfo in his opinion believes the Majority Caucus were in a haste to suspend their request for Ken Ofori-Atta’s dismissal.
The MP in a Facebook post on Thursday, October 27, 2022 stated that,” I read the Statement by the NPP caucus in response to the President’s plea for more time with lots of concern. I do not fully agree with it and perhaps would have been better to say we have taken all concerns on board and will do what will be in the best interest of the political and economic stability of our country”.
On Tuesday, October 25, 2022, some Members of Parliament who are part of the Majority Caucus called for the immediate dismissal of the Finance Minister, Ken Ofori-Atta, as well as the Minister of State at the Finance Ministry, Charles Adu Boahen.
They argued that relieving the duo of their duties will aid in fixing Ghana’s struggling economy, which has been plagued by rising inflation and debt.
In light of this, President Akufo-Addo met with the dissatisfied legislators and demanded that the Finance Minister conclude Ghana’s negotiations with the IMF and submit the 2023 Budget Statement to Parliament.
Briefly after the interaction, the Majority Caucus in a statement dated Wednesday, October 26, noted that after deliberation among members, it will withhold its current demands.
Read Dr Emmanuel Marfo’s Statement here:
*DR. EMMANUEL MARFO (MP) writes:*
Statement by the Majority caucus in Parliament on call for sacking Finance Ministers
I read the Statement by the NPP caucus in response to the President’s plea for more time with lots of concern. I do not fully agree with it and perhaps would have been better to say we have taken all concerns on board and will do what will be in the best interest of the political and economic stability of our country.
I think the turn of events post the press conference begs for some questions in order to come to a conclusion whether the action was needed in the first place. Was the grievance of the 80 MPs and their subsequent action well communicated to the leadership of the Party and the Caucus? Did the Caucus leadership communicate to the President? Did the President provide a response consistent with his plea to leadership? Did leadership convey the President’s response to the concerned MPs or the Caucus?
In effect I am asking whether there was effective engagement within us. If indeed there was, and one may say the President was ‘recalcitrant’ then the press statement may be justified, if not, then perhaps in my humble view, the press Statement was too early.
However, we are made to believe that the sentiments were rightly conveyed to the President and that his response was unfavourable to the concerns of the MPs. In that case, I dont think the MPs, and now the caucus, should have backed down on our demands. Why? Because for MPs in a ruling Party to come to a point of going public to demand of their President to sack an appointee, and no less an appointee than a Finance Minister, a lot of public pressure, political and intellectual thinking and and assessment MUST have gone into that decision.
Securing public and perhaps Party interest must have been stretched beyond its elastic limit and that nothing should stop them from going back. The MPs must have reached a point where the die is cast and that no amount of words were going to stop the crossing of Rubicon. It must be the point of no return and here the words of Sun Tzu come to mind “he will win who knows when to fight and when not to fight.” Now the cake is half-baked, you cannot eat it, you can’t throw it away!
In any case, I think the response in the Statement, especially the condition that the President must sack them after the IMF and budget assignments, will even worsen the plight of the President, politically-speaking because he has been put in a very tight corner; indeed between the devil and the deep blue sea. If we were going to listen to the President’s plea, then my view is that we should not have given him any conditions and allow events to take their natural course. And indeed, if I were Ken or Charles, perhaps this is the time to have honourably resigned. Why? Because we seem to have passed a death sentence on them and that regardless of what they will do, we are only waiting for the clock to tick, just to wait for their day of cruxificion. Wow!! This is most unfair, to say the least. How would they be in the right frame of emotional, pyschological and intellectual mind to execute the very critical job for which we have been begged to wait till completed? Are we looking for quality output or just to tick the check box that a job is done?
In any case, I cannot also stand for the Statement because it defeats, fundamentally, the very principle for which we called for the cruxificion. Are we saying that regardless of the Ken-led IMF negotation, a role I dont support anyway, or how good his 2023 budget will look like, he must still go? If that is so, and indeed as the statement suggests, then we have already declared no hope in their competence and that nothing good can come from Nazareth. If indeed that is our fatal hope and expectation, then I beg to suggest that there is no need to waste any further time on these gentlemen, they must go! However, the flip side is, if for any reason, they deliver a good IMF programme and a great budget to our satisfaction, would we still insist they go? One may say, of course not but then we would have already created the fertile conditions for their dismissal by the ‘agreement’ in our Statement.
The President, and indeed all of us majority MPs, will come under immense pressure, especially when the press Statement has received immense public applause.
In summary, I think if we really came to a point of going public, then nothing should have stopped us for standing on our demands. If we were going to yield, then we should not have given any conditions to the President. Afterall, it cannot be the case that the 80 MPs did not know that Ken was busy leading an IMF negotation and that he was busy preparing the 2023 budget. It cannot be that the MPs did not contemplate the consequences of our demand on these ongoing assignments.
For me it is a zero-sum game, this symbolic win-win semblance will come back to bite us. Mark my words! He who fights and run away, lives to fight another day-Bob Marley
I like the slogan of an insurance advert, if it must be done, it must be done well. If Ken and Charles must go, they must go now, else lets forever hold our peace and pray for something good to come from Nazareth. The Parliamentary group is a very powerful, respectable and honourable arm of our Party. Next time, when we have to leap, we must weigh and watch and when we leap in the glare of the public, we must never return to base. Before we speak, we must have come to a point of no surrender, less we make mockery of ourselves. This is politics, Selah!
Speaker of Parliament Alban Bagbin says the Cedi has gained some value against the US dollar following moves in parliament to remove Ken Ofori-Atta as Finance Minister.
According to him, the action being taken by the minority concerning a motion for a vote of censure against Ken Ofori-Atta, the Finance Minister, has begun restoring some level of confidence in the Ghanaian economy.
“Because of this motion, you know what has happened to the state of our Cedi. Just because people are given confidence that action is being taken, the Cedi gained some value, and parliament should be commended. It climbed from about 16 to a dollar to around 13, that is a serious gain for this country, and it’s because there is some confidence being given to the people that action is being taken to rectify the wrongs. Please let’s play our role properly and effectively, and at the end of the day, we’ll all benefit,” he told MPs on Thursday.
Meanwhile, he thanked the Deputy Majority Leader, Afenyo Markin, for drawing the attention of the House with regard to the proper procedure in filing the motion for a vote of censure against Finance Minister Ken Ofori-Atta.
“You’ve done well by drawing our attention, but I think the proper thing has been done, and we should leave it as it is. I know as we keep on jaw-jawing, we’ll do what is proper in this House.”
The deputy majority leader, Alexander Afenyo-Markin, had argued that the minority MPs failed to attach evidence to the motion to back their claims.
“Mr. Speaker, I beg to submit that the legal grounds or grounds for submission are not embedded in the motion. I am saying that Mr. Speaker, the motion is supposed to be advertised; that is what the constitution says. The constitution is not saying that you should accompany it with allegations as part of the motion; that is my contention. And if they beg to disagree, they should say so for the records to capture. And if there is any other provision that perhaps I have not read which allows you to state allegations, not fact, to support your motion, they should again draw my attention; we are here to learn. I’m not ashamed if I get it wrong, and I’m corrected. Mr. Speaker, I so submit.”
Minority leader Haruna Iddrisu however, rubbished the claim arguing there’s enough evidence to impeach Ken Ofori-Atta.
“We have made reference to constitutional provisions of Article 178, 176, and 82. Mr. Speaker to demonstrate with facts on this floor that the Minister is in breach of the law apart from the fact that he’s trashed the Ghanaian economy, we’ll do so. You cannot question the competence of the Speaker in admitting the motion. And we have not given you any fact, we are only giving you headlines of the matters to which we’ll lead with evidence.”
Background
Members of Parliament on the Minority side have tabled a motion for a vote of censure on Ken Ofori-Atta, the Finance Minister, filed on Monday.
The minority cites the gross mismanagement of the Ghanaian economy which has occasioned untold and unprecedented hardship among others.
The motion was filed a day before parliament resumed from recess.
Radio presenter Blakk Rasta has waded into recent calls for the sacking of Finance Minister Ken Ofori-Atta by a bloc of ruling party lawmakers.
In his view, there was no point going after Ofori-Atta alone especially when the man who appointed him stresses his continuous belief in his competence.
Speaking on the October 25, 2022 edition of his show on Accra-based 3FM, the ardent government critic said Ghanaians had allowed Akufo-Addo too much leverage to be toying with governance.
“This is a very democratic country that has sat back to look at this president play with this country. I am most excited that this president has proven to the whole world that he is most incompetent, he is too old to be president and his faculties stopped working several years back, the best he could have done to us was to retire.”
He continued that whiles the group of 80 New Patriotic Party Members of Parliament want, “want the Finance Minister to leave, may I extend it to the president himself? Why do you sack a man who believes and still believes that the Finance Minister is the best?
“Why do you sack the Finance Minister and leave the man who believes in him. To send Ofori-Atta home … and leave this sleeping president to continue sleeping and playing the Don Quixote,” he quizzed.
The group said it will not do business with government nor support the 2023 Budget if the president fails to heed their call to remove Ofori-Atta and the Minister of State at the Finance Ministry, Charles Adu Boahen.
According to them, the move follows previous concerns sent to the government that have not yielded any positive results.
“We have had occasions to defend allegations of conflicts of interest, lack of confidence, and trust against the leadership of the Finance Ministry.
“The recent development within the economy is of major concern to our caucus and our constituents. We have made our grave concern to our president through the parliamentary leadership and the leadership of the party without and positive response,” Andy Appiah Kubi said.
The MPs believe the move will change the current economic situation in the country.
“We are by this medium communicating our strong desire that the president changes the Minister of Finance and the Minister of State at the Finance Ministry without further delay in order to restore hope into the finance sector and reverse the downward trend in the growth of the economy,” he added.
The dealers, who blamed the depreciating cedi on the Finance Minister, are calling for his removal from office.
According to them, if the President fails to sack his Finance Minister, they will hit the streets to press home their demand.
Speaking at the Launch of Transport Forum, held in Accra Wednesday, October 26, 2022, the President of the Automobile Dealers Union, Kwaku Boateng, bemoaned the effects of the depreciation of the cedi against the dollar on their business.
“The increase in the dollar is affecting us, we have spoken to the President, and we’ve written several letters about the Finance Ministry. We’ve realised that the President has made up his mind not to mind anyone to remedy the situation.
“We have also realised that our brother Ken Ofori-Atta is the problem when it comes to the rising dollar. So we will hold a press conference next two weeks; when we’re done, we’ll continue with a demonstration on November 19.”
Mr Boateng stressed that: “We [union] will be demonstrating against President Nana Addo over his refusal to sack Ken Ofori-Atta because he’s the President, he appointed him, so if he’ll sit down for Ken Ofori-Atta to destroy Ghanaian businesses then we will demonstrate.”
The automobile dealers have also called on the Freight Forwarders to join in the demonstration to compel the President to remove the Finance Minister from office as both work together.
Osei Kyei-Mensah-Bonsu, the Majority Leader in Parliament, has appealed to the Majority Caucus to halt discussions on the sacking of Finance Minister Ken Ofori-Atta until negotiations with the IMF have concluded.
Some members of the Majority Caucus in Parliament are mounting pressure on President Akufo-Addo to sack Ofori-Atta, and the minister of state at the Finance Ministry, Charles Adu Boahen, to restore public confidence in the Ghanaian economy.
Speaking on The Asaase Breakfast Show on Wednesday (26 October), he said, “My advise after hearing them was that, if they were talking about this matter two or three months ago, that would have been different.”
According to the Suame MP, “even the first phase [of negotiation with the IMF] has not been concluded. Those conclusions will be factored into the budget.”
“They [IMF team] have come here on two occasions, the minister has led a team to Washington to follow up for the discussions, they are coming here again next week. And soon after, the conclusions we will derive will be captured into the budget that we are expecting not later than 15 November.
“We are pleading with them that looking at where we are, I am not too sure this is the appropriate time to be talking about this. So, I was pleading to let their feet pause the accelerator pedal for a while, maybe after the budget we could resurrect it. Now is not the best time,” Kyei-Mensah-Bonsu said.
The International Monetary Fund is already in talks with Ghana over a US$3 billion deal for budgetary support, aimed at reviving the economy and restoring investor confidence.
Demands of the MPs
Addressing the media in Parliament on Tuesday (25 October 2022), the spokesman for the caucus and MP for Asante Akim North, Andy Appiah-Kubi, said the move will help save the economy from further collapse.
“We have had occasion to defend allegations of conflict of interest, lack of confidence and trust against leadership of our Finance Ministry. The recent developments within our economy are of great concern to the greater majority of members of our caucus and our constituents,” Appiah-Kubi said.
“We are by this medium communicating our strong desire that the president change the Minister [for] Finance and the minister of state in the Finance Ministry without further delay in order to restore hope into the financial sector and reverse the downward trend in the growth of our economy.
“The summary of our concern leads to the plea that the Minister of Finance, Ken Ofori-Atta, and the minister of state at the Ministry of Finance, Charles Adu Boahen, should be removed from office.
“Meanwhile, we want to serve notice that until such persons as aforementioned are made to resign or removed from office, we members of the Majority Caucus here in Parliament will not participate in any business of government by or for the president or by any other minister. If our request is not responded to positively, we’ll not be present for the Budget hearing, neither would we participate in the debate,” Appiah-Kubi told the media.
The International Monetary Fund has launched talks with Ghana over a US$3 billion deal for budgetary support, aimed at reviving the economy and restoring investor confidence.
The Managing Editor of the Insight Newspaper, Kwesi Pratt Jnr, has taken a swipe at members of the majority caucus of Parliament after more than two-thirds of them reportedly demanded that President Akufo-Addo sacks his finance minister over the hardship in the country.
According to him, the New Patriotic Party (NPP) Members of Parliament (MPs) have time and again argued that the current hardship Ghanaians are facing is a result of external factors, including the Russia-Ukraine war and the COVID-19 pandemic and not poor economic management.
He, therefore, questioned why the NPP MPs are now calling for the sack of the Finance Minister, Ken Ofori-Atta, whom they have continuously exonerated from being the cause of the hardship in the country.
“We have a situation where now; the so-called majority caucus has come to the realisation that… the economy is not doing well. That the economy is not doing well, at least partly as a result of the incompetence of the managers of the economy.
“Now pitch that against the singsong all this time that the real cause of the problem is the Russia-Ukraine war. I sitting here, and I am wondering how Ken Ofori-Atta and Charles Adu-Boahen are responsible for the Russia-Ukraine war.
“If the Russia-Ukraine war is the main reason that we are here, why call for the removal of Ken Ofori-Atta and Charles Adu-Boahen, who have nothing to do with the Russia-Ukraine war,” he said.
According to the MP for Team West, Carlos Ahenkrorah, the NPP MPs came to the decision to demand Ofori-Atta’s sack after feedback from their constituents during their recess disclosed that most Ghanaians were unhappy with the government because the finance minister was still at post.
He said that most of the majority caucus MPs spoke about how their constituents were suffering due to the economic challenges in the country.
Speaking in a Neat FM interview monitored by GhanaWeb, Ahenkrorah intimated that they had to inform the President Nana Addo Dankwa Akufo-Addo of the difficulties of their constituents so that it does not affect the NPP’s fortunes in the future.
“There is a lot of pressure on us. If you go to your constituency office and you listen to the concerns of your constituents, it is very disheartening. Just yesterday, three women visited my office, and they were crying while narrating how they had lost their businesses because the price of a gallon of oil they used to purchase for GH¢60[600] is now selling for GH¢1000,” he said in Twi.
Ghanaian statesman and politician, Nyaho Nyaho-Tamakloe has revealed that, but for the intervention of the NPP MPs, Ghana would have been on the verge of experiencing a military intervention.
According to him, the call for the dismissal of the finance minister whipped away the plot.
He advised the president to learn from this development as the actions of the NPP MPs are unprecedented.
“Those who made this intervention have saved the 4th republic. We were getting close to military intervention but the MPs actions yesterday totally wiped it off and I think the country should learn from that as well. Akufo-Addo, as I know, will definitely make attempts to change their minds, if they instead allow that, then they will be most hated people in this country or on the political landscape,” he said in an interview with TV3’s Big Issue show.
Speaking on the call for the dismissal of Ken Ofori-Atta, Nyaho-Tamakloe indicated that it did not come to him as a surprise even though it was long overdue.
He added that what the NPP MPs did shows clearly that our democracy can be on course if we want.NPP MPs saved the country from an upcoming coup d’état – Nyaho Nyaho-Tamakloe
Ghanaian statesman and politician, Nyaho Nyaho-Tamakloe has revealed that but for the intervention of the NPP MPs, Ghana is on the verge of experiencing a military intervention.
According to him, the call for the dismissal of the finance minister whipped away the plot.
He advised the president to learn from this development as the actions of the NPP MPs are unprecedented.
“Those who made this intervention have saved the 4th republic. We were getting close to military intervention but the MPs actions yesterday totally wiped it off and I think the country should learn from that as well. Akufo-Addo, as I know, will definitely make attempts to change their minds, if they instead allow that then they will be most hated people in this country or on the political landscape,” he said in an interview with TV3’s Big Issue show.
Speaking on the call for the dismissal of Ken Ofori-Atta, Nyaho-Tamakloe indicated that it did not come to him as a surprise even though it was long overdue.
He added that what the NPP MPs did shows clearly that our democracy can be on course if we want.
President Akufo-Addo has pleaded with some MPs of his party, who are demanding Finance Minister Ken Ofori-Atta‘s exit, to give his cousin some respite so he concludes the ongoing bailout talks with the IMF.
President Nana Akufo-Addo has pleaded with some MPs of his party, who are demanding Finance Minister Ken Ofori-Atta’s exit, to give his cousin some respite so he concludes the ongoing bailout talks with the IMF, which are likely to be concluded in about a month.
Reports trickling in from the presidency say that the president tabled the plea when he met the angry MPs over their demand at the Jubilee House on Tuesday evening.
Ghana is seeking a $3-billion extended credit facility from the Brettom Woods institution to restore her ailing eceonomy to good fortunes.
The majority caucus gave the president an ultimatum to dismiss Mr Ofori-Atta and the Minister of State at the Ministry of Finance, Mr Charles Adu Boahen, or they will boycott the 2023 budget hearing and other government businesses on the floor of parliament.
The caucus, led by spokesperson Andy Appiah Kubi, MP for Asante Akyem North, issued the ultimatum within the precincts of parliament on Tuesday, 25 October 2022 when the house resumed sitting after a long recess.
He told the parliamentary press corps: “We are members of the majority caucus of the parliament of Ghana and we, here so, present; represent a greater number of the said caucus.”
“My name is Andy Appiah Kubi and I am only here as the spokesperson for the majority group – without more”, he caveated.
Mr Appiah-Kubi continued: “We have had occasions to defend allegations of conflict of interest, lack of confidence [and] trust against the leadership of our finance ministry”, however, “the recent developments within our economy are of great concern to the greater majority of the members of our caucus and our constituents.”
“We have made our grave concerns [known] to the president through the parliamentary leadership and the leadership of the party without any positive response,” he revealed.
“We are, by this medium, communicating our strong desire that the president change the minister of finance and the minister of state at the finance ministry, without further delay, to restore hope to the financial sector and reverse the downward trend in the growth of the economy”, the group demanded.
“The summary of our concerns lead to a plea that the Minister of Finance, Mr Ken Ofori-Atta and the Minister of State at the Ministry of Finance, Mr Charles Adu Boahen, be removed from office. We pray that this prayer would be carried to the presidency.”
The caucus then threatened: “Meanwhile, we want to serve notice, and notice is hereby served that until such persons, as aforementioned, are made to resign or removed from office, we, members of the majority caucus here in parliament, will not participate in any business of the government by or for the president by any other minister.”
“We hope that those of us at the backbench and members of the majority caucus will abide by this prayer,” the group added.
“We are saying that if our request is not responded to positively, we will not be present for the budget hearing nor will we participate in the debate”, Mr Appiah-Kubi stressed.
Also, the Alliance for Accountable Governance (AFAG) has demanded that President Akufo-Addo reassign Mr Ofori-Atta and Mr Adu-Boahen if he cannot dismiss them.
The pro-government pressure group said in a press statement that the two ministers are to blame for the poor performance of the Ghana cedi in relation to other international trade currencies.
“The Minister of Finance and the Minister of State at the Ministry, Ken Ofori Atta and Charles Adu Boahen, must be reassigned,” the group demanded.
AFAG’s demand comes a few days after media personality and comic Kwaku Sintim-Misa, alias KSM, asked Mr Ofori-Atta to resign.
He said this in a tweet where he claimed to be giving advice to Mr Ofori-Atta.
Again in the tweet, the award-winning comic posited that President Nana Akufo-Addo, who is cousins with Ken Ofori-Atta, has no desire to sack him from his office for a more competent person to assume it, even though it is the best for Ghana’s ailing economy.
“Advice to Ken Ofori-Atta. Bra [brother] Ken, it is obvious the President cannot and will not fire you,” Mr Sintim-Misa began. “Please do him and Ghana a favour and respectfully resign for a competent financial manager to take charge,” he advised.
According to the TV show host, the resignation of the Finance Minister will be followed by restored confidence in Ghana’s economic recovery.
“I am sure that the financial markets will react positively to the news,” is how he put it.
Also, another entertainment personality, Lydia Forson, recently said: “It makes absolutely no sense that Ken Ofori-Atta is still the finance minister,” and queried: “How?” “He’s lost the confidence of the people!” she argued.
The clamour for Mr Ofori-Atta’s head come on the back of the cedi’s very poor performance against the US dollar.
Bloomberg has named the Ghana cedi as the worst-performing currency in the world.
At the time of KSM and Lydia Forson’s tweets, one needed more than 15 cedis to obtain a dollarin Accra, the capital of Ghana. Recently, the United Kingdom’s Finance Minister Kwasi Kwarteng was sacked and subsequently their Prime Minister, Liz Truss, also resigned.
A section of the Ghanaian public have asked why this is not common in Ghana.
President Nana Akufo-Addo, last week, said Mr Ofori-Atta has
been an excellent handler of the Ghanaian economy and, thus, sees no reason to sack him as being clamoured for by his critics.
Speaking to OTEC FM in the Ashanti Region on the first day of his four-day official working tour of that part of Ghana, Mr Akufo-Addo parried criticisms that his cousin is to blame for Ghana’s return to the International Monetary Fund (IMF) for help since he mismanaged the economy. The president said he takes full responsibility for Ghana’s return to the IMF since he took the decision as the head of state.
He argued that the same Ofori-Atta was able to manage an IMF-programmed economy that the New Patriotic Party (NPP) inherited in 2017 to become one of the fastest-growing economies in the world with an average annual growth rate of 7%.
The president, thus, wondered, how he could cut ties with Mr Ofori-Atta as finance minister.
The president said he has a lot of difficulty understanding the clamour for Mr Ofori-Atta’s exit, since, he noted, even the IMF confirmed that the causes of the current economic situation in Ghana are global in nature rather than a result of internal mismanagement. “It is very easy for people to say we went back to the IMF due to mismanagement of the economy. I do not accept that criticism because the reasons why we got into the situation we find ourselves has very little to do with us. In fact, the IMF confirmed it.”
There is a substantial precedent in Ghana’s politics under the leadership of President Nana Addo Dankwa Akufo-Addoas even MPs of the ruling party are calling for the resignation of the country’s Finance Minister, Ken Ofori-Atta for nonperformance.
These celebrities are yet to speak on the #OforiAttaMustGo campaign trending on social media
The country’s economic downturn has sparked constant calls from more citizens for the resignation of the economic gatekeepers, particularly the finance minister and the Minister of State at the Finance Ministry, Charles Adu Boahen.
Yet in the midst of all these, some celebrities who actively campaigned for the Nana Addo-led administration are yet to comment on the call for the aforementioned to resign or be sacked. Since the declaration was made, #OforiAttaMustGo and #KenMustGo have been trending on social media.
Although some of these ‘NPP celebrity activists’ have called out the government for overseeing a poor economic state, many are expecting them to further throw their weight behind calls for the sacking of the two personalities.
Samini who in the past criticised his colleagues for endorsing political parties and candidates took a U-turn in 2020 when he endorsed Nana Addo Dankwa Akufo-Addo through social media posts, interviews, and campaign songs. He mounted political platforms to defend his decision stressing he was convinced Nana Addo needed another term.
Despite the barrage of backlash and criticisms against him, the musician’s support for Nana Addo was inflexible.
Prior to the calls for the two personalities to be axed, Samini made a post and lamented the depreciation of the cedi and other factors that have contributed to the hardship being experienced.
“Dear Nana Akufo-Addo. I supported you to bring change and stability. I believed in the vision and your concept of change! But with 2 years to go, my soul bleeds. Our investments wash away daily as the dollar openly whips our Cedi. Your people are crying. We cannot pretend all is well. But if God has blessed Ghana with anything, it is our ability to stare difficulty right in the face and say, it will #bealright. Ghana must work again! Where is the Nana Addo who begged us for the mandate?” parts of his comments read.
But Samini is yet to add his voice to the campaign seeking to remove Ofori-Atta and Adu Boahen from office for overseeing a failed economy.
The actor was the first ‘Celebrity NPP campaigner’ to call out the government for what he described as the poor management of the country’s economy.
Prince David Osei has not only spoken against the country’s ailing economy but had also issued an ultimatum that should the economic situation in the country not improve by December, he will mobilize the youth to hit the street irrespective of party affiliation and protest.
“If things don’t change by December, we will mobilize the youth of this country and hit the street irrespective of party affiliations, whether NPP, NDC, CQQ, PNC whatever doesn’t matter now, we are all in this together.. God bless our motherland ???????? We want to see improvement in our livelihoods.. If you have to sack some people do it without fear or favor because your legacy is on the line Sir!!” parts of his post read.
However, the actor is yet to support the sacking Ofori-Atta and Adu Boahen.
Unlike Prince David Osei and Samini who have spoken about the economic hardship and the need for a change in the narrative, Kalybos is yet to comment, not to talk of supporting the call for the removal of Ofori-Atta and Adu Boahen from office.
Kalybos’ silence on the economy has been loud and considering that he was one of the celebrities who vigorously campaigned for the NPP, a section of the populace is eager to hear his assessment of the economy.
Bibi Bright
After campaigning her way up to being elected as the secretary for the Creative Arts Council under the current NPP government, Bibi Bright has been silent on political issues.
Like Kalybos, she has not spoken about the hardships in the country; neither has she supported nor kicked against calls for the dismissal of Ofori-Atta and Adu Boahen.
President Nana Addo Dankwa Akufo-Addo is scheduled to meet the New Patriotic Party Members of Parliament who want Finance Minister, Ken Ofori-Atta removed from office.
The Media understands the meeting will come off this evening.
The NPP MPs claimed several efforts to have government address the plights of their constituents with regard to the ailing economy had proved futile.
They thus held a press conference on Tuesday, October 2022, to voice their disquiet and demanded the head of Ken Ofori-Atta and the Minister of State at the Ministry of Finance, Charles Adu Boahen.
Andy Kwame Appiah-Kubi, the Member of Parliament for the Asante-Akim North Constituency and spokesperson for the disgruntled Majority group, told the media on Tuesday that sacking Ofori-Atta and Adu Boahen will help restore confidence in Ghana’s economy.
“The recent development within the economy is of major concern to our caucus and our constituents. We have made our grave concern known to our president through the parliamentary leadership and the leadership of the party without any positive response.”
“We are by this medium communicating our strong desire that the president changes the Minister of Finance and the Minister of State at the Finance Ministry without further delay in order to restore hope to the financial sector and reverse the downward trend in the growth of the economy,” he added.
Several Ghanaians had mounted pressure on President Nana Addo Dankwa Akufo-Addo to remove Mr. Ofori-Atta from office in light of the country’s current economic predicament, which has compelled government to seek support from the International Monetary Fund (IMF).
An economist, Dr Sam Ankrah, has said the markets will respond favourably towards the economy if the President heeds calls to remove the Finance Minister, Ken Ofori Atta. According to him, the economy was in dire strait and needed one who will inspire confidence and command the respect of the international community to restore the economy to its former glory.
Dr Ankrah was reacting to calls by some members of Parliament of the ruling New patriotic Party (NPP) who held a news conference a few hours ago to demand the removal of the Finance Minister from office.
The latest development comes amidst growing pressure from all sources for Mr Ofori-Atta to either step aside or face a sack from the President.
Dr Ankrah said the current developments in the economy and the reactions of the markets demonstrates a lack of confidence in the Finance Minister and noted that, if the President responds to the call, his action will restore confidence and the aftermath will be in the interest of the country.
“Let us remember that we play a key role in the international markets and therefore, any move that gives confidence will result in an action. That is what the markets are waiting to see,” he said.
Economy in Q3
The local currency, the cedi, suffered a steep decline in value against the world’s major currencies in the third quarter of the year.
It depreciated against the US dollar, the British pound, and the Euro by 37.5 per cent, 24.1 per cent, and 27.5 per cent respectively on a year-to-date (YTD) basis as of September.
Headline inflation rate accelerated to 37.2 per cent at the end of September 2022 compared to 29.8 per cent at the end of June 2022.
Food and non-food inflation for the end of September 2022 were 37.8 per cent and 36.8 per cent respectively, as compared to that of June 2022 which were 30.7 per cent and 29.1 per cent respectively.
These developments have created unbearable hardship for business leading to retrenchments due to high cost of operations. On the individual side, the developments have heavily eroded their disposable income making life unbearable.
Meanwhile, the country and the international community awaits what the President’s response will be after meeting various interest groups in an attempt to find solutions to the disturbing economic phenomenon.
President Akufo-Addo will meet the New Patriotic Party (NPP) Members of Parliament who want the Finance Minister, Ken Ofori-Atta be relieved of his duties.
The meeting will take place this evening, Tuesday, October 25, 2022 at 6:30 pm.
The NPP MPs argued that their attempts to get the administration take steps to assist their constituents in light of the failing economy had been ineffective.
Thus, on Tuesday, October 2022, the NPP organized a news conference to express their unhappiness and demand the resignation of Charles Adu Boahen the Minister of State for Finance, and Ken Ofori-Atta.
Andy Kwame Appiah-Kubi, the Member of Parliament for the Asante-Akim North Constituency and spokesperson for the disgruntled Majority group, told the media on Tuesday that sacking Ofori-Atta and Adu Boahen will help restore confidence in Ghana’s economy.
“The recent development within the economy is of major concern to our caucus and our constituents. We have made our grave concern known to our president through the parliamentary leadership and the leadership of the party without any positive response.”
“We are by this medium communicating our strong desire that the president changes the Minister of Finance and the Minister of State at the Finance Ministry without further delay in order to restore hope to the financial sector and reverse the downward trend in the growth of the economy,” he added.
Several Ghanaians had mounted pressure on President Akufo-Addo to remove Mr. Ofori-Atta from office in light of the country’s current economic predicament, which has compelled government to seek support from the International Monetary Fund (IMF).
Ghana’s ruling party lawmakers on Tuesday called for the sacking of the country’s finance minister, adding pressure on the government to deal with record inflation.
President Nana Akufo-Addo has come under fire as Ghanaians face 37 percent inflation and the collapse of their currency – the cedi – in an economic hardship worsened by the Russian invasion of Ukraine.
Finance Minister Ken Ofori-Atta has just returned from Washington, where he was in talks with the International Monetary Fund (IMF) to secure a loan of $3 billion.
In addition to Mr. Ofori-Atta, a majority of parliamentarians from Mr. Akufo-Addo’s New Patriotic Party (NPP) have called for the dismissal of another finance official.
The president must immediately fire the two officials “to restore hope to the financial sector and reverse the downward trend in the growth of our economy,” the parliamentary group’s spokesman, Andy Appiah-Kubi, told reporters.
“Until the aforementioned individuals resign or are removed from office, we in the parliamentary majority group will not participate in any government activity,” Appiah-Kubi warned.
“If our request does not receive a positive response, we will not be present at the session on the budget, nor will we participate in the debate,” he said.
The call was supported by 80 of the 137 legislators in the NPP parliamentary caucus.
In Ghana’s parliament, the NPP and the National Democratic Congress (NDC) have the same number of seats. Lawmakers are scheduled to begin debating the 2023 budget in November.
On social media, the call by the majority caucus in parliament has been leading the trends with minority MPs also calling for the same motion.
The video below by local media TV3 shows minority MPs addressing the media.
President Nana Akufo-Addo has been criticized for his economic management of the country, including his decision to enter into discussions with the IMF, which he once promised would lead to an “aid-free Ghana.
This decision has raised fears that the government will impose austerity measures that will further burden the population, which is already facing soaring prices.
Last week, shopkeepers in the capital, Accra, shut down their stores to protest against the soaring cost of living.
The Alliance for Accountable Governance (AFAG) has said the name of Finance Minister Ken Ofori-Atta, has become the meaning of failure and incompetence.
The pro-government group’s General Secretary, Mr Arnold Boateng, said on Monday, 24 October 2022 that “clearly, it looks like the Finance Ministry and the government have dropped the ball on the economy.”
“Reassign the Finance Minister and Adu-Boahen because they have been there for a long time and their activities have caused the mess we are in now”, he demanded in an interview on Accra-based Citi FM.
In Mr Boateng’s view, Mr Ofori-Atta’s “posture does not augur well” for the country’s economic circumstances, adding: “He has lost the trust of the nation.”
“The name Ken Ofori-Atta has become synonymous with failure; synonymous with incompetence and any adjective you can call.”
AFAG also said President Akufo-Addo must tackle the economy “not just by giving a speech but by taking concrete actions which will strengthen the cedi.”
“What is worrying AFAG is there is no concrete assurance either from the President or from the BOG on these issues,” Mr. Boateng said.
“People dropping the ball has led us here and if we do not take the necessary actions, we will have a time bomb on our hands, and we cannot address that.”
Some eighty Members of Parliament (MP) belonging to the governing New Patriotic Party (NPP) have called for the sacking of Finance Minister, Ken Ofori-Atta.
They also want the Minister of State at the Finance Ministry, Charles Adu Boahen, removed from post.
According to the legislators, the aforementioned members of the Executive have proven to be incapable of handling the Ghanaian economy which is currently in tatters.
Speaking to the press on Tuesday, October 15, 2022, Asante-Akim North MP, Andy Kwame Appiah-Kubi said “we are communicating our strong desire that the President should change the Minister of Finance and the Minister without further delay in order to restore hope into the financial sector and reverse the downward trend in the growth of the economy.”
He noted that push has come to shove as the concerns of the Majority Group which were tabled before its leadership to the President, have yielded no positive results.
The Majority Group now adds their voice to the many Ghanaians calling for Mr Ofori-Attato be replaced by a more competent individual.
Pressure now mounts on President Akufo-Addo, who has indicated that he has no plans of sacking the current Finance Minister.
The President has explained that Mr Ofori-Atta has proven himself worthy of managing the economy. He cited Ghana’s growth in 2017 to argue that he finds no basis to replace the Finance Minister.
“I came to office in 2017 under a stringent IMF programme. This same man was able to manage the affairs of our economy in such a way that in my first term, we were one of the fastest-growing economies in the world. An average growth rate of 7% which allowed us to initiate programmes such as Planting for Food and Jobs,” he said.
“So somebody who has been able to do that. The current difficulties are not his fault. So how do I do it (sack him)? What will be the basis? What will be the rationale,” he further interrogated.
Ghana is currently battling a high inflation rate of 37.2% as of September, 2022. Also, the local currency continues to lose its value against major trading currencies.
A dollar is trading at about GH15. All these have happened under the watch of Finance Minister, Ken Ofori-Atta.
Meanwhile, Mr Ofori-Atta has encouraged Ghanaians to remain calm as the country engages the International Monetary Fund for an economic recovery programme.
He expects that the local currency will begin to appreciate once a deal is agreed upon.
Government has come under criticism from a cross-section of the public due to the current economic crisis.
In the wake of this, Finance Minister, Ken Ofori-Atta, has been at the receiving end from almost all and sundry.
While the “ordinary citizens” have been agitating on and off social media, Ghanaian celebrities have also not held back from expressing their dissatisfaction against government.
In the past week, some Ghanaian celebrities have called on President Nana Akufo-Addo and the Minister of Finance to sit up and address the economic crisis fraught the country.
Below are some celebrities who have waded into the national conversation
The Ghanaian actor is one of the familiar supporters of the ruling government. He, alongside other celebrities like Kalybos was seen to be involved heavily clothed in NPP paraphernalia campaigning for the then Presidential Candidate, Nana Addo Dankwa Akufo-Addo.
However, the movie star has openly displayed his disappointment in the government. In a tweet sighted by GhanaWeb, Prince called on government to seek help.
“Can we all put aside politics, humble ourselves and seek help from whoever has the ideas or in-depth knowledge on how to stop the further depreciation of our currency and stabilize our economy,” he tweeted.
The movie producer and actress is another popular figure who has not held back from bashing the government and calling for urgent steps to change the current tides.
In 2015, Yvonne Nelson led a demonstration against power cuts in Ghana, popularly known as “Dumsor”. Being a citizen and not a spectator as President Akufo-Addo implored Ghanaians, the model has this time taken to Twitter to quiz the President over his governance.
“Are you still the President? Are you still in this country? Are you this heartless? Do you hear people crying? Are you this heartless? No more campaign ahead so you are unbothered. You obviously feel nothing for Ghanaians. Such a disappointment”, she lamented.
The Ghanaian actress and social critic have also been vociferous over the state of affairs. She has opined that the Minister of Finance, Ken Ofori Atta, needs to resign.
According to her, the minister has performed woefully and thus is unfit to continue occupying his position.
Furthermore, she has asked the government to take a cue from Britain, whose Prime Minister has resigned her inability to lead.
“I really wish Gabby Otchere Darko’s obsession & admiration for the UK parliament included taking pointers as well on resignations and firing. It makes absolutely no sense that Ken Ofori Attah is still the finance minister; how? He’s lost the confidence of the people! She said in a tweet.
The Ghanaian media personality and General Manager of GHOne TV and Starr FM has penned a long letter to Ken Ofori Atta.
The TV host in the letter discusses how the minister has failed in his capacity and needs him to resign. She called the minister an absolute failure in managing the economy and driving it into an abyss.
A portion of the letter reads, “Hmm. Maybe a part of you wants to leave and your cousin (President Akufo Addo-Addo) is backing you to the hilt on the altar of loyalty. But for God’s, spare the entire nation this prolonged spectacle of failure and let go of the burning rod.”
According to the aggrieved traders, their decision to halt commercial activities is based on the exorbitant tax rates and the continuous depreciation of the local currency against the US dollar.
This, the traders say is adversely affecting their businesses and depleting their capital and profit margins.
A visit by JoyNews’ Bernice Abu-Baidoo Lansah to the Central Business District on Tuesday morning confirmed that some of the traders have already closed down their shops.
They had red scarves on their locks indicating their displeasure about the prevailing economic crisis.
The traders noted that if the situation remains the same, they will be forced to run out of business, therefore, the need to protest to draw the attention of government to their plight.
“As retailers, when we come for supplies, we the women don’t get any profits. All the profits have been swallowed by the increments. Some of us are also operating on loans with very high interests rate and therefore we are really not making any profits.
Everything looks distorted in Ghana. The current regime promised to make things better, but now we the women in particular are really suffering”, one of the traders lamented.
The action by the traders in Accra follows an earlier closure by their counterparts in Kumasi, who also closed down their shops over similar concerns.
Commenting on the earlier action in Kumasi, the President of the Association, Dr Joseph Obeng expressed his reservations about the prevailing tax regime in the country, and how the situation is bringing businesses to their knees.
“You have a system that does not ensure fairness, you have a system that does not ensure equity, you have a system that runs trade concurrently in the same market that we have the standard rate that one pays 90.25 per cent and then we have a VAT rate of four per cent and then we have those who do not pay the VAT at all and they are all legitimate. What system is this?”, he questioned the Ghana Revenue Authority.
The ongoing protest comes at a time when there is public outcry about the state of affairs in the country, and the failure of government to address the growing economic decline.
The current economic decline is reflected in the depreciation of the Cedi as well as government’s fiscal deficits and the nation’s ballooning debt stock.
But in a recent interview on Monday, the President said there is no basis to sack the Yale-trained Minister.
Meanwhile, government is still in talks with the International Monetary Fund (IMF) to find appropriate solutions to address the economic difficulties in the country.
The calls for the sacking of Ghana’s Finance Minister, Ken Ofori-Atta, have reignited following the sacking of the UK’s Finance Minister, Kwasi Kwarteng, early on Friday.
The UK’s Chancellor of Exchequer was sacked by British Prime Minister Liz Truss on Friday, October 14, 2022, after just six weeks of his appointment.
His dismissal has largely been attributed to the performance of the British economy over the last few weeks and the failure of his mini-budget to result in a positive impact.
The announcement of his sacking has seen several Ghanaians take to social media to demand the sacking of Ghana’s finance minister.
Ken Ofori-Atta has been the subject of some critics calling for the heads of some officials in the current government.
The calls are largely grounded in the current performance of the Ghanaian economy and the current economic hardship.
See some social media reactions below:
Stop bothering yourself, fellow Ghanaians. @NAkufoAddo won’t learn from the UK. Tweaa!! Ken Ofori Atta means more to him, personally, than the good of Ghana & your welfare. Nepotism! Corruption! Clueless! Incompetent!
Let’s head roll in Ghana…Kwasi Kwarteng didn’t exhibit a quarter of Bawumia and Ken Ofori-Atta incompetence but he’s been sacked…what is @NAkufoAddo waiting for to sack his Finance Minister and @MBawumia as head of EMT??? pic.twitter.com/05wrrTgkmB
Them sack Kwasi Kwarteng in less than 6 weeks but Ofori-Atta is in his 6th year as our Finance Minister.???????????????????? pic.twitter.com/bwgIOkMMKC
You see difference in Ghana n UK? Kwasi Kwarteng came in and within a month or so of incompetence he’s fired by Liz Truss! Bawumia and Ken Ofori Atta have been incompetent for 6 years now and they are still at post! And you want Ghana to develop? Nana Addo Danquah Akufo-Addo why?
— Is RAYOE in your playlist?!❤️???? (@GhanaSocialU) October 14, 2022
Kwasi Kwarteng sacked in less than 7 weeks being appointed as Finance Minister in the UK but Ken Ofori Atta is still the Finance Minister in this economic woes for 6 years?
Clearly, Ghana’s Presidency doesn’t have serious goals.
In UK Kwesi Kwarteng has been sacked after 40 days as chancellor while in Ghana Ken Ofori Atta still maintains power after almost 6 yrs with more than 120% cedi depreciation.. ???? ????
The system in UK functions very well and effectively. In other news, Ken Ofori-Atta is still Ghana’s Finance Minister.
When we say life no balance, this is what we mean pic.twitter.com/Y4hwyy04et
Kwasi Kwarteng hasn’t done a fraction of the damage Ken Ofori-Atta has caused the Ghanaian economy but he gets to be sacked and Ken is showered with praises from his family member, President H.E @NAkufoAddo as Ghanaians languish in more pain.
Sad — no justice in the world. ????????
— Kwame Gabby Emu Ye ???????? ???????? (@KwameEmuYe) October 14, 2022
A lady Liz Truss even have the balls sack her chancellor for non performance and we have Akufo Addo always applauding Ken Ofori Atta when the cedi is now 12.10 to a dollar
